THE FARMERS BANCORP FRANKFORT INDIANA ANNOUNCES RESULTS OF ITS TENDER OFFER
Frankfort, Indiana, OTCPINK: FABP
The Farmers Bancorp Frankfort Indiana (“Farmers”), the parent holding company of The Farmers Bank, Frankfort, Indiana (the “Bank”), announced today the results of its offer to purchase up to $7.5 Million of shares of its common stock at a purchase price of $54.00 per share (the “Tender Offer”). The Tender Offer expired at 11:59 P.M., Eastern Standard Time, on Thursday, March 31, 2022 (the “Expiration Time”).
As of the Expiration Time, Farmers received 146,287 common shares through the Tender Offer, representing approximately 105% of the shares Farmers was willing to purchase. Because the Tender Offer is oversubscribed by 7,398 shares, Farmers will accept validly tendered shares pursuant to the Acceptance Priority Procedures detailed in the Offer to Purchase. In total, Farmers will accept for purchase 138,889 shares at a purchase price of $54.00 per share and will pay an aggregate of $7.5 Million for the tendered shares.
Farmers will transmit payment for shares that were properly tendered as of March 31, 2022 by the Settlement Date of April 5, 2022. Any shares that were not purchased because the Tender Offer was oversubscribed will be returned to the original shareholder in a timely manner.
Karen F. Gregerson, President of Farmers, stated, “We are pleased by the positive response that we have received. Based on the results of the tender offer, we anticipate that will be able to continue our objectives of returning value to our shareholders while providing great personal service and nurturing the communities that we serve.”
This press release contains certain forward-looking statements that are based on assumptions and may describe future plans, strategies and expectations of Farmers. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Certain factors that could cause actual results to differ materially from expected results include the COVID-19 pandemic, changes in the interest rate environment, changes in general economic conditions, legislative and regulatory changes that adversely affect the business of Farmers and the Bank, and changes in the securities markets. Except as required by law, Farmers does not undertake any obligation to update any forward-looking statements to reflect changes in belief, expectations or events.